Reinsurance News
agricultural reinsurance
LatAm’s agricultural markets in need of greater re/insurance penetration: Swiss Re
18th October 2017
The protection gap (disparity between economic and insured losses post-event) for losses from natural disasters in Latin America reached $15 billion in 2016, with widespread impacts to various regions' vital agricultural sectors from numerous perils, but innovative insurance and reinsurance solutions can help to bridge the gap, according to reinsurance ... Read the full article
MGA Crop Pro gets approval to offer U.S. agriculture cover
16th August 2017
Crop pro Insurance, a new managing general agent, (MGA), has received Standard Reinsurance Agreement (SRA) approval from the U.S. Department of Agriculture (USDA) making the firm one of just 16 companies with official permission to participate in the Federal Crop Insurance Programme. The Federal Crop Insurance Corporation is managed by the ... Read the full article
Indian government economic survey signals need for climate insurance
16th August 2017
Insurance against climate risks in India has lagged far behind other sectors despite India being one of the world's most vulnerable nations to the changing climate; severe weather events challenge India's economy with a set back of $9-10 billion of mostly uninsured losses every year, according to the Indian government's Ministry of ... Read the full article
Highland Insurance Solutions names James Tran as new Head of Global Agriculture
26th July 2017
Highland Insurance Solutions (HIS) which partners with Tokio Marine Kiln (TMK) has announced the appointment of James Tran to Head of Global Agriculture. Tran will head up the growth and development of HIS' crop reinsurance segment, working closely with TMK's reinsurance underwriters in London and Singapore. Carl Herrmann, HIS Chief Executive Officer, ... Read the full article
Global reinsurers’ interest in India government crop scheme dampens
25th July 2017
Indian government officials have raised concerns over potentially inadequate reinsurance supply for the Pradhan Mantri Fasal Bima Yojana (PMFBY), the government-sponsored crop insurance scheme, as global reinsurers appear to be losing interest in supporting the scheme. Money Control cited industry sources who said global reinsurers operating in India have reduced exposure ... Read the full article
IRB Brasil RE licenses RMS’ China & India agricultural models
24th July 2017
Brazilian reinsurer, IRB Brasil RE, has licensed RMS' China and India agricultural models in an effort to expand its presence in the global reinsurance market. Global catastrophe risk modeller and analytics firm, RMS, announced recently that IRB Brasil RE has licensed the RMS® China Agricultural Model and RMS® India Agricultural Model, as ... Read the full article
Agricultural index based insurance under the loupe in Africa
6th June 2017
The African agriculture industry is in the throngs of change surrounding the technology, regulation and distribution of index based insurance - developments which are improving the operating environment for insurers as demand for insurance solutions grows. This is according to Jonathan Dixon, Chair of the International Association of Insurance Supervisors (IAIS) ... Read the full article
Indian government agriculture insurance could add 3 million farmers
16th March 2017
Weather Risk Management Services (WRMS), a pioneer for the Indian weather insurance market, has announced plans to connect 3 million farmers across 150 districts to the Pradhan Mantri Fasal Beema Yojana (PMFBY)- the Prime Minister’s Crop Insurance Scheme, BusinessLine reported. The climate risk management firm works with farmers across the country, ... Read the full article
Hannover Re & Swiss Re take 90% of Sri Lankan agricultural re/insurance scheme
17th February 2017
Hannover Re and Swiss Re have taken a 90% share in Sri Lanka’s state-owned National Insurance Trust Fund (NITF) agricultural insurance scheme; accepting a respective 50% and 40% of the placement, which was made through reinsurance broker J.B. Boda & Co. Three other global reinsurers, which includes Munich Re, share the ... Read the full article
GIC Re doubles growth due to government crop insurance scheme
19th January 2017
Indian state backed reinsurance firm General Insurance Corporation of India (GIC Re) has been able to double its growth thanks to the roll-out of a government backed crop and weather-index insurance scheme. As the state-backed reinsurer, GIC Re has priority on re/insurance schemes such as the Pradhan Mantri Fasal Bima Yojana, ... Read the full article
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